Final Expense in the Magnolia State
Think about this. If you suddenly passed away, would your family have immediate access to money? Funerals are expensive these days, even in the great state of Mississippi. And you may know that medical bills are the #1 cause of bankruptcy in America…
In Mississippi, many people currently have final expense insurance plans. As long as they pay premiums, their family members or other beneficiaries will be provided a lump sum death benefit payment at the time they pass away. This could be life-changing, especially if you do not have resources reserved for that moment.
What Is Final Expense Insurance?
Final expense (aka burial insurance) is a type of whole life insurance that helps your family pay for things associated with your final send-off. It provides a smaller death benefit, usually between $2,000 and $35,000.
The benefits are not meant to replace someone’s income; instead, they are intended to pay for funeral and burial expenses. However, the beneficiaries are not required to use the money for this exact purpose. The money can be used for gas, groceries, credit card debt, etc.
Note: If you want to make sure the money is used for a specific purpose, you may need to set a funeral home or estate administrator as the beneficiary for your policy.
Who Can Get Final Expense?
Final expense insurance is usually available to Mississippi residents between 40 and 85. If you are in this age range, you even qualify for guaranteed issue plans that do not turn down any applicant. Keep in mind that guaranteed issue plans will come at a higher price than traditional final expense plans.
A traditional final expense plan application involves answering health questions that will be used to generate a quote for coverage. These questions are basic in nature, so you should still qualify even if you have some minor health conditions. Unfortunately, these questions can eliminate some applicants. So guaranteed issue life insurance may be your only option for getting covered.
Final Expense Costs in Mississippi
In Mississippi, the average end-of-life expense for individuals is $11,825. If they do not have this money in the bank, their family may end up being liable for the costs. Therefore, the $30-$70 per month you would need to pay for coverage is worthwhile. To start shopping for a plan that fits your needs, get in touch with Senior Life Services.
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